Entain acquires Canadian sports betting operator Avid Gaming
The UK-based gaming giant is expanding its presence in North America.
UK.- The UK’s Entain has reached a CAD$300m (£174.8m) deal to acquire the Canadian sports betting operator Avid Gaming from the investment firm Middlebrook Investments.
Avid Gaming owns the online sports betting brand Sports Interaction, which it leases to the Mohawk Council of Kahnawà:ke and the Mohawk Online socio-economic initiative.
The brand is operated in Canada through Mohawk Online. Entain said it will continue the business’s support for Kahnawà:ke cultural and language programmes, schools, healthcare and other public services.
Avid Gaming chief executive Will Golby and other members of the leadership team will remain in place.
Sports Interaction will bolster Entain’s presence in Canada, joining its Bwin and Party brands. The brand has seen rapid growth of late, with gross revenue increasing by around 40 per cent year-on-year in 2021 to CAD$76m, while pre-tax profit hit CAD$17.4m.
Entain said the deal would deliver around CAD$15m in synergies in tech, content and procurement in 2023.
Entain CEO Jette Nygaard-Andersen said: “Sports Interaction is the leading Canadian sports betting and gaming brand and is aligned perfectly with our own ambitions of great customer service and ambitious growth, coupled with an unwavering commitment to sustainability.
“It is highly complementary to our existing operations in Canada, and the combination of its local expertise and Entain’s powerful platform will provide customers with an unrivalled range of exciting and engaging products in this fast-growing market. We look forward to welcoming Will Golby and his team to Entain.”
Golby said: “We are delighted to be joining forces with Entain, which is an exceptional company combining world-class brands, strong leadership and a winning strategy. It has a unique approach to local markets, and no other company of its scale consistently delivers so many well-executed, localised approaches to the same level of customisation and detail.”
Kahsennenhawe Sky-Deer, grand chief of the Mohawk Council of Kahnawà:ke, said: “This new partnership between Entain and the Mohawks of Kahnawà:ke is mutually beneficial, and brings with it prime opportunity for bolstering our self-sufficiency through the continuing success of Sports Interaction.”
Online betting in Canada has opened up following the approval of legislation that repealed the country’s prohibition of single-event sports betting as of last August.
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